Novelis, the wholly-owned subsidiary of Hindalco Industries Ltd, on Thursday posted a 65.4 percent increase in its net income to $177 million for the quarter ended December 31, 2020.
The company had posted a net income of $107 million in the year-ago period, Hindalco Industries said in a filing to BSE.
"Novelis Inc…reported a net income attributable to its common shareholder of $176 million in the third quarter of fiscal year 2021, and a net income from continuing operations of $195 million, up 64 percent and 82 percent, respectively, versus the prior year,” the company said in a statement.
The company’s net sales during the quarter increased to $3,241 million over $2,715 million in the year-ago period, the filing said.
It said the net sales increased 19 per cent from the year-ago period to $3.2 billion for the third quarter of fiscal 2020-21.
It was primarily driven by a 17 per cent rise in total shipments and higher average aluminum prices, the company added.
Total flat-rolled product shipments increased to 9,33,000 tonnes, mainly reflecting the addition of the acquired Aleris business and strong demand across product end markets, particularly beverage can, it said.
Novelis Inc President and CEO Steve Fisher said, "Novelis achieved record financial performance in the third quarter based on continued demand for innovative, sustainable aluminum solutions and outstanding operational performance across our expanded business.”
The company is also making excellent progress on its strategic growth initiatives to drive long-term value by investing in new capacity and technology, entering new partnerships, and bringing new alloys to market that will drive the industry forward, he added.
The company said customer demand has recovered to pre-COVID-19 levels in most end markets, and Novelis will continue to work closely with customers to leverage its global manufacturing footprint and adjust production levels to meet their needs.